ROX:CC - Canstar Commences Drilling of Multiple Targets on the Golden Baie Project in South-Central Newfoundland
(TheNewswire)
Toronto, Ontario – TheNewswire - September 20, 2022 – CANSTAR RESOURCES INC.(TSXV:ROX ) & ( OTC:CSRNF) (“ Canstar” or the “Company ”) is pleased to announce that it has commenceddrilling on its Golden Baie project. This is the third drill programby the Company on the Golden Baie project.
Planned drilling will test six target areas, includingfollow up on winter drilling at the Kendell prospect, (see newsrelease dated July 5,2022 ), which returned near-surfaceintercepts including 20.6 grams per tonne (“g/t”) gold over 3.5metres (“m”). To date, gold mineralization at the Kendell prospecthas been defined for approximately 180 m downdip from surface andmineralization remains open to the northwest. Optical and/orAcoustic Televiewer (“ATV/OTV”) data from select 2021 and 2022drill holes provides a better understanding of the vein orientationsassociated with the gold mineralized zones and will be used to orientthe next drill holes at the Kendell prospect.
Drilling is also planned to test at least fiveadditional targets in the central portion of the Golden Baie claims(Figure 1) that have been selected based on recent trenching, tillsampling results, an IP survey completed this summer, and historicaldata. Initial drill holes are expected to be shallow, averagingapproximately 100 m each, as the geology in this area is typicallyshallow dipping to the northwest. Initial drilling is expected tototal at least 5,000 m in 50-60 holes.
Overview of Drill Targets
| Hillside/ Skidder |
| In 2021, reconnaissance drilling in this glacial tillcovered area intersected 9.8 g/t gold over 0.5 m with visible goldhosted in quartz veining at shallow depth (hole GB-21-23 - newsrelease dated May 4,2022 ). Also in 2021, the Companydiscovered a boulder at the Skidder target with visible gold in quartzthat assayed 289 g/t gold in a grab sample* (news release dated Nov. 11,2021 ). A recent IP survey indicatesa resistivity target east of the 2021 drilling, which will be testedin planned drilling (Figure 2). |
| 90 West/ Northbrush |
| Drilling will begin to test a 1.1 kilometre (“km”)trend of anomalous soil and rock grab samples (up to 2.6 g/t gold)that is proximal to the interpreted contact of the Isle Galetvolcano-sedimentary and Riches Island sedimentary formations (Figure3). This trend also hosts the till samples with 1,049 and 502 goldgrains (see news releases dated May4 and Aug. 30,2022 ). |
| 97 West |
| Drilling will target the down-dip extension of a channel sample assaying 13.1 g/t gold over 1.0m in trench 97W-21-TR01 (see news release dated Jun. 7,2022 ) and outcropping quartz veinsamples with up to 35.6 g/t gold in an area with no previous trenchingor drilling (Figure 3). |
| Osprey |
| The Osprey target is located on recently acquiredclaims to the northeast of the 97 West target (news release dated Aug. 15,2022 ). Historic grab samples fromthis target range up to 19.8 g/t gold in outcrop (Figure 4). |
| Wolf Pond |
| The Wolf Pond target is located approximately 10 kmnortheast of the 90 West target. Historic drilling in the 1980sdefined a mineralized zone of 450 m by 10 m with shallow intercepts of3.0 g/t gold over 6.1 m (DDH WF-87-04) and 2.4 g/t gold over 8.1 m(DDH WF-87-09). Planned drilling will evaluate a 750 m by 50 mgold-in-soil anomaly that has never been drill tested and is locatedapproximately 300 m to the southeast of historic drilling in the area(Figure 5). |
* Note that rock grab samples areselective by nature and values reported may not represent the truegrade or style of mineralization across the property.
Figure 1 - Little River Trend onthe Golden Baie project showing soil anomaly heatmap and prioritytargets
Hillside/Skidder Target
The Skidder target is located approximately 1.2kilometres north-northeast of the Company’s Kendell prospect (Figure2) and appears to be a similar style of orogenic gold mineralization.Rock sampling in the target area has defined a 500 m by 400 m goldanomaly with outcrop grab samples containing up to 30.3 g/t gold.Multiple anomalous float rock samples were also found in this area,generally assaying between 1 g/t and 10 g/t gold, and visible gold wasnoted in two float rocks which assayed 21.7 g/t gold and 289.4 g/tgold. The latter sample is referred to as the “Skidder boulder”and it is inferred to have a nearby bedrock source, based on tillanalysis and an understanding of regional glaciation. The area ismostly covered by till, and systematic drilling is planned with theaim of locating the source of the Skidder boulder.
Figure 2 - Hillside-Skidder targetarea with resistivity map and anomalous results from surfacesampling
90 West/Northbrush Area
The 90 West and Northbrush targets are interpreted tobe situated on the contact of the Isle Galet and Riches Islandformations (Figure 3). The Isle Galet Formation is avolcano-sedimentary succession which is structurally overlain by theRiches Island Formation of predominantly marine clastic rocks.Coincident with the interpreted contact of these geological formationsis a historic (1980s-era) soil anomaly with a strike length of 1.1 kmand widths up to 75 m. Gold values in the soils are up to 248 partsper billion (“ppb”). Historically, only a single hole of 58 m inlength tested the soil anomaly and returned 0.3 g/t gold over 6.8 mand recent trenching by Canstar was limited due to boggy groundconditions.
Till sampling in 2022 to the northeast of the 90 Westsoil anomaly yielded a trend of samples with previously-reportedhighly anomalous gold grain counts, with the best sample returning1,049 gold grains. Trenching to potentially uncover the bedrock sourceof the gold grains is currently underway to the northeast in theprojected ‘up ice’ direction.
Figure 3 - 97 West and 90West-Northbrush target areas with >95th percentile soil anomalies,select rock and till samples, and historic drill collars
97 West Target
The 97 West target area (Figure 3) is underlain byfine-grained clastic sedimentary and tuffaceous volcanic rocks and isdefined by a historic soil anomaly approximately 600 m by 200 m withvalues ranging from 30 to 482 ppb gold.
Three historic holes totalling approximately 300 m weredrilled in 1988 with the best result of 0.9 g/t gold over 0.3 m inhole WF-88-13. In 2010, a previous operator completed three holestotalling 136 m with the best result of 0.8 g/t gold over 1.1 mstarting from a downhole depth of 2.9 m in hole LR-10-07.
Results of trenching and prospecting in 2021 include achannel sample of 13.1 g/t gold over 1.0 m in trench 97W-21-TR01 andoutcrop grab samples up to 35.6 g/t gold. Drilling will focus ondocumented gold mineralization in trenches and test the graphiticshale horizons that also host the high-grade gold mineralization atthe Kendell prospect, located approximately 3.5 km to thesouthwest.
Osprey Target
The Osprey target is hosted in the Riches IslandFormation (Figure 3) with gold mineralization hosted in deformed,foliation-parallel quartz-sulphide veins. Historical work on theOsprey target includes three shallow drill holesdrilled in 2009, two of which were drilled in the down-dip directionto the northwest. Rock grab samples included a boulder grading 142.1g/t gold and outcrop samples grading up to 19.8 g/t gold.
The focus of 2022 drilling is to complete shallow holesto test the down-dip extension of the gold showings in outcrop grabsamples.
Figure 4 - Osprey target area with>95th percentile soil anomalies, rock sampling and historic drillcollars
Wolf Pond Target
Historic drilling at Wolf Pond in the 1980s delineateda mineralized zone (the “Wolf Pond Gold Zone”) averaging 2 to 3 mthick with grades of 3 to 5 g/t gold within a broader envelope 5 to 8m thick averaging 1 to 2 g/t gold delineated over a strike length of450 m and to a depth of 165 m (Figure 5). The zone is open both alongstrike and at depth. Mineralization is associated withsulphide-bearing quartz veins hosted in strongly deformed,sericite-altered felsic-intermediate tuffs intercalated with marinesediments. The best historic intersections include 3.0 g/t gold over6.1 m and 2.4 g/t gold over 8.1 m.
Approximately 300 m southeast of the historic drillingarea is a 750 m by 50 m gold-in-soil anomaly, with values ranging from30 to 752 ppb gold, that has never been drill tested. The soil anomalytrends northeast-southwest and is coincident with thenortheast-trending regional fabric. Grab samples in outcrop from thesoil anomaly area range in grade up to 4.5 g/t gold. Drilling willfocus on testing these soil and rock anomalies and the projectedextension of the Wolf Pond Gold Zone to the northeast.
Figure 5 - Wolf Pond target areawith >95th percentile soil anomalies and historic drilling
Qualified Person
Matthieu Lapointe, B.Sc., P.Geo, Vice PresidentExploration of Canstar, and a Qualified Person as defined by NationalInstrument 43-101 - Standards of Disclosure for Mineral Projects, isresponsible for the scientific and technical data presented herein andhas reviewed and approved this release.
Acknowledgements
Canstar wishes to acknowledge the financial support ofthe 2022 exploration program through the Junior Exploration AssistanceProgram from the Department of Natural Resources, Government ofNewfoundland and Labrador.
About Canstar Resources Inc.
Canstar Resources has a very experienced technical teamand board who are focused on new mineral discoveries in Newfoundland,Canada. Central Newfoundland has emerged as one of the most excitinggold exploration districts due to recent high-grade orogenic golddiscoveries along crustal scale fault corridors. The Company isfocused on gold exploration on 939 km 2 of mineralclaim licenses in south-central Newfoundland (Figure 6), including theGolden Baie project which has multiple high-grade gold anomalies atsurface along 40 km of strike and near-surface drilling confirming thepresence of high-grade orogenic gold. The Company also holds theBuchans-Mary March project in central Newfoundland.
Canstar Resources is based in Toronto, Canada, and islisted on the TSX Venture Exchange under the symbol ROX and trades on theOTCPK under the symbol CSRNF .
Figure 6 - Mineral claim licenses, totaling 939km 2 ,held by Canstar in south-central Newfoundland
For further information, pleasecontact:
Rob Bruggeman, President & CEO
Email: rob@canstarresources.com
Phone: 1-647-247-8715
Website: www.canstarresources.com
Forward-Looking Statements
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This News Release includes certain"forward-looking statements" which are not comprised ofhistorical facts. Forward looking statements include estimates andstatements that describe the Company’s future plans, objectives orgoals, including words to the effect that the Company or managementexpects a stated condition or result to occur. Forward lookingstatements may be identified by such terms as “believes”,“anticipates”, “expects”, “estimates”, “may”,“could”, “would”, “will”, or “plan”. Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherentrisks and uncertainties. Although these statements are based oninformation currently available to the Company, the Company providesno assurance that actual results will meet management’sexpectations. Risks, uncertainties and other factors involved withforward-looking information could cause actual events, results,performance, prospects and opportunities to differ materially fromthose expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is notlimited to, the Company’s objectives, goals or future plans,statements, exploration results, potential mineralization, theestimation of mineral resources, exploration and mine developmentplans, timing of the commencement of operations and estimates ofmarket conditions. Factors that could cause actual results to differmaterially from such forward-looking information include, but are notlimited to failure to identify mineral resources, failure to convertestimated mineral resources to reserves, the inability to complete afeasibility study which recommends a production decision, thepreliminary nature of metallurgical test results, delays in obtainingor failures to obtain required governmental, environmental or otherproject approvals, political risks, inability to fulfill the duty toaccommodate First Nations and other indigenous peoples, uncertaintiesrelating to the availability and costs of financing needed in thefuture, changes in equity markets, inflation, changes in exchangerates, fluctuations in commodity prices, delays in the development ofprojects, capital and operating costs varying significantly fromestimates and the other risks involved in the mineral exploration and development industry, aninability to predict and counteract the effects of COVID-19 on thebusiness of the Company, including but not limited to the effects ofCOVID-19 on the price of commodities, capital market conditions,restriction on labour and international travel and supply chains, andthose risks set out in the Company’s public documents filed onSEDAR. Although the Company believes that the assumptions and factorsused in preparing the forward-looking information in this news releaseare reasonable, undue reliance should not be placed on suchinformation, which only applies as of the date of this news release,and no assurance can be given that such events will occur in thedisclosed time frames or at all. The Company disclaims any intentionor obligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwise,other than as required by law.
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